Page 14 - Income Tax

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Income Tax refunds worth Rs 43,991 crore issued till July 26

The Income Tax Department on Friday said it has issued refunds worth over Rs 43,991 crore till July 26 in the current fiscal. It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore. "CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021. Income tax refunds of Rs 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs 30,651 crore have been issued in 1,12,567 cases," the I-T department tweeted.

Issues with new income tax portal to be resolved soon, says FM

Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.

I-T Dept denies making editorial decisions during search at Dainik Bhaskar

The Income Tax Department has clarified that no such act was carried out by its officials during the raid.

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law

Haven't been issued Form 16? Here is how you can still file your tax return

The last date for issuing Form 16 extended till July 31

Fuel price surge: What India can learn from Biden and Sunak's tax policies

When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan

Infosys says income tax portal functioning 'single largest priority'

Infosys said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment.

Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr

Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore

Over 400 top-level posts lie vacant in the Income Tax department

Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year

40,000 ITRs being filed daily on new portal, CBDT says as it fixes glitches

The corrective measures are being taken based on feedback from taxpayers, tax professionals and representatives of ICAI to provide taxpayers with a smooth e-filing experience, it said

I-T dept issues Rs 37,050 cr refunds to 1.7 mn taxpayers from Apr 1-Jul 5

The income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore. "CBDT issues refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between 1st April 2021 to 05th July 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases," the I-T department tweeted.

Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur

Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal

Govt has created a 'mess': Shashi Tharoor on new income tax portal

Senior Congress leader Shashi Tharoor on alleged that even after spending Rs 4,200 crore on IT portal, the government had "failed" to make it user-friendly and created a "mess" instead

30 years of economic reforms: Here's a look at the broad contours of change

The pace of changes in the first 100 days of a minority govt remains unparalleled till today

NITI moots 100% I-T exemption for donations to not-for-profit hospitals

Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India. In a report titled 'Not-for-Profit Hospital Model in India', the Aayog also pitched for involving high performing hospitals in public private partnership (PPP) models for managing primary health care (PHCs), operations of government facilities and PSU hospitals. "Income-tax exemption could be increased from the current 50 per cent exemption to 100 per cent exemption for philanthropy toward the identified not-for-profit hospitals. This could be a catalyst in channelizing the much-needed funds to deserving hospitals." it said. According to the report, the government can consider the provision of working capital loans with lower interest rates, which would be more financially viable for not-for-profit hospitals and would assist in adequate cash flows durin

In relief to taxpayers, govt announces extension of compliance deadlines

PAN-Aadhar linkage deadline is extended by another 3 months till Sept 30; payment without interest under dispute-resolution scheme is extended by 2 months

File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

I-T portal glitches: FM asks Infosys to address all issues immediately

Sitharaman further urged Infosys to work on the new income-tax portal to make it more humane and user-friendly

FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal

Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed